Sector Update: Energy Stocks Posting Small Declines; Miller Energy Rallies Following SunTrust Upgrade

By Staff,

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Energy stocks were narrowly lower Monday with the NYSE Energy Sector Index sinking about 0.1% while shares of energy companies in the S&P 500 were down less than 0.1% as a group. Crude oil for August delivery was down 56 cents at $105.18 per barrel while August natural gas was up 4 cents to $4.44 per 1 million BTU.

In company news, shares of Miller Energy ( MILL ) rose Monday after analysts at SunTrust Robinson Humphrey today raised their investment rating for the exploration and production company to Buy from Neutral, also increasing its price target by $2 to $10 a share.

MILL shares were ahead more than 13% at $6.21 apiece in mid-day trade, easing from its session high of $6.34 a share. The stock has a 52-week range of $3.85 to $8.97 a share, rising over 53% over the past 12 months.

In other sector news,

(+) LINE, (+1.8%) Acquires U.S. natural-gas assets from Devon Energy ( DVN ) for $2.3 bln. The acquired assets currently are producing around 275 mln cubic feet per day. Total proved reserves are estimated between 1,300 bln to 1,500 bln cubic feet.

(-) ADGE, (-16.9%) Files amended prospectus for a $20 million offering of stock. Proceeds will be used for working capital, including installation of current and new energy cogeneration systems and chillers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: MILL , DVN

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